Market Pulse
SPY closed up 0.85% but this is the 4th straight close below the 21 EMA. The 8 and 21 EMA are stacked overhead at 764.55 and 764.89, capping price. Bulls need to reclaim the 21 to flip the near-term structure. The 50 SMA at 758.62 held as support and the 200 at 712.06 is far below. Choppy tape without a clean signal here.
QQQ is up 0.87% and posted its first close back above the 21 EMA. The 8 EMA at 714.43 and 21 at 714.22 are tightly coiled just under price. This is the better chart of the two indexes right now. Price sits above all key moving averages. One close does not confirm a trend, so watch for follow through.
VIX 15.84 (-11.21%)
Opening
Net premium leans bullish by $181.3M, with $260.0M in bullish flow against $78.8M bearish. GOOGL led at $22.4M, followed closely by AMR at $22.1M and MU at $20.7M. Bearish flow was light and concentrated in SOXX and ADBE.
